State Bank of India steeply hikes deposit rates for various tenure

Posted - March 03 201803:26

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State Bank of India steeply hikes deposit rates for various tenure

According to bankers, the decision to revise lending rates as reflected in the one-year MCLR was due to the rise in deposit rates, the overall cost of funds and shortage of liquidity in the system. The SBI and the Punjab National Bank have also increased deposit rates by up to 50 bps across various tenures.

The fraud-hit PNB raised one-year MCLR to 8.3% from 8.15% with effect from March 1, while ICICI Bank raised the one-year MCLR from 8.2% to 8.3%. The hike in MCLR rates comes a day after the bank increased fixed deposit rates of maturities.

For deposits of 180 days to 210 days maturity, SBI now offers 6.35 per cent against 6.25 per cent earlier. For retail deposits maturing in one-year to three-year, rate has been increased by 25 basis points to 6.75 per cent from 6.50 per cent. For over night tenor, the revised MCLR is 7.80, up 10 basis points from existing 7.70. SBI, in fact, post-demonetisation had dropped their rates. However, this is the first time after demonetisation that the bank has raised term deposit rate on amounts below Rs1 crore. Mr. Gupta said that since the lender has hiked both the deposit and lending rates, the impact on margins will not be significant.

Even in the last policy review early last month, the central bank had sounded more accommodative than hawkish even though it increased its inflation forecast. Some small banks may not increase rate.

The lender also increased its retail and bulk term deposits by up to 45 basis points.

Generally, the one-year MCLR is the benchmark against which home loans are priced.

Loans over Rs 75 lakh will carry an interest rate of 8.75%. Their decision also signals a turn in the interest rate cycle.

It is the key lending rate at which SBI pegs its retail loans, including home loans, education loans, auto loans, certain personal loans and loans against properties. "As far as lending rates are concerned, there is gradual recognition that external conditions such as inflation from oil and possibly from food till the monsoons may push the interest rates up", said Ashvin Parekh, managing partner, Ashvin Parekh Advisory Services Llp.

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